FORM 3
        
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

Ledbetter Kent

2. Date of Event Requiring Statement (MM/DD/YYYY)
1/26/2011 

3. Issuer Name and Ticker or Trading Symbol

JMP Group Inc. [JMP]

(Last)        (First)        (Middle)

600 MONTGOMERY STREET, SUITE 1100

4. Relationship of Reporting Person(s) to Issuer (Check all applicable)

_____ Director                            _____ 10% Owner
_____ Officer (give title below)          _____ Other (specify below)
/ executive committee member

(Street)

SAN FRANCISCO, CA 94111       

(City)              (State)              (Zip)
5. If Amendment, Date Original Filed (MM/DD/YYYY)

 

6. Individual or Joint/Group Filing (Check Applicable Line)

_ X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person


Table I - Non-Derivative Securities Beneficially Owned
1.Title of Security
(Instr. 4) 		2. Amount of Securities Beneficially Owned
(Instr. 4) 		3. Ownership Form: Direct (D) or Indirect (I)
(Instr. 5) 		4. Nature of Indirect Beneficial Ownership
(Instr. 5)
Common Stock   144078   D    
Common Stock   201890   I   By Trust  

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 4) 		2. Date Exercisable and Expiration Date
(MM/DD/YYYY) 		3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4) 		4. Conversion or Exercise Price of Derivative Security 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5) 		6. Nature of Indirect Beneficial Ownership
(Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares
Restricted Stock Unit     (2)   (3) Common Stock   45157   $0   (1) D    
NQSO Stock Option   12/20/2010   12/20/2015   Common Stock   18500   $10   D    

Explanation of Responses:
( 1)  Each unit represents a right to receive one share of common stock or an amount equal to the fair market value of one share of common stock on the applicable vesting date.
( 2)  Restricted stock units are exercisable as follows: 20,000 restricted stock units shall vest 100% on May 10, 2011 and 25,157 restricted stock units shall vest subject to Company performance-based vesting if target is met during 3 year term and applicable measurement period.
( 3)  Restricted stock units will expire as follows: 20,000 restricted stock units will expire on May 10, 2011 and 25,157 restricted stock units expire upon vesting or Certificate Date (generally as of the filing of the Company's Form 10-K) in 2013.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
Ledbetter Kent
600 MONTGOMERY STREET, SUITE 1100
SAN FRANCISCO, CA 94111


executive committee member

Signatures
Kent Ledbetter 2/1/2011
** Signature of Reporting Person Date


Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
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